My Bitcoin Mining Experience

Cloud mining is a very shady beast. Unfortunately far too often people cut and run with investors/customers money and that's it, no recourse, nothing to do. This article will cover legitimate cloud mining, companies that I've personally done business with and a summary of their service. I won't be going into price comparison because in my opinion, you need to look through all the candidates before making any kind of purchase. You need to have the final decision on which company you trust the most. Hashnest Hashnest is my up-most trusted site. If you know bitcoin mining, you've heard of BITMAIN , a fantastically honest company that really strives to make great mining hardware. If you don't want to buy hardware and run it locally, you can purchase shares of their co-location units and start mining right away. Transactions are done on a P2P basis generally so the price of hashing power can vary a fair amount. If you haven't already made an account,...

Hashie.co is release an upcoming update with their new feature of Miner Mods . Unfortunately there haven't been any specifics mentioned as of yet. I can only speculate that they may involve functionality similar (but different) to companies like Zeus or GAW. I have a feeling they will act as "boosts" such as hash-speed boosts, or maybe something like GAW's double dip. When this update is released, I'll be tweeting it out with a new blog post on all the details of what features are actually added onto Hashie .

Buy Low - Sell High Everyone knows this basic principle to make some money at investment. This can be used in the stock-market and the like, but also a fantastic principle to keep in mind when dealing with bitcoin. Bitcoin has massive volatility like stocks do, but keep this in mind not when you are buying and selling bitcoin, but buying and selling THINGS with bitcoin. I use this principle when I purchase cloud hash power for instance, let's have an example. If I have a large sum of bitcoin, let's say 4 BTC, and I want to buy cloud-mining from Hashie.co . They sell at a rate of $4.90/ 10GH. @ Bitcoin price of $350: 4 BTC X $350 = $1400 You can purchase 2857 GH/s @ Bitcoin price of $400: 4 BTC X $400 = $1600 You can purchase 3265 GH/s Now, with the above example you can see a large difference in the amount you can purchase (You already knew that) but when you can resell this hashpower when you're made enough, you can sell them at the low...

This post may be a bit of a rant. So as many of you know, the bombshell that zeusminer was no longer providing new hardware to it's customers, and instead is converting everything to cloud mining thing... Well, it got me fired up. I'm sure there was a reason (hopefully not what I believe to be unbelievable greed), but a pre-order customer has to feel shafted. I love this community and this is, in my opinion, on the same level as that KNC garbage that was pulled a short while ago. If you're a normal reader of this blog, you know I'm a fan of cloud mining. Great service to have, and competition in the market place helps the cloud miners get a  competitive  deal on hashpower. THIS BEING SAID. Enough is enough, if you're a miner looking to get some hardware for home on at least a moderate level, it's impossible. The only company that I still trust in the mining community for hardware is the rocket-surgeons over at Bitmain . Bitmain lau...

Overview Hashie and HashProfit are crypto-coin mining services provided by two different companies which both payout in BTC. Hashie.co (which i've reviewed before) provides SHA-256 mining (the algorithm that mines bitcoin) and HashProfit provides mining for X11 and other similar algorithms. Payouts Both providers payout once per 24 hour period, and both payout in bitcoin. HashProfit may not mine in the same algorithm as bitcoin, but they work in a similar way to multipools (like clever or wafflepool), which mine coins then convert them to bitcoin for payout (generally the most profitable coins are mined at one given time). Payout per unit: Hashie Each unit of 10GH/s yields about 0.00012698 BTC / Day (before fee of $0.02 USD) Cost / 10 GHs: $4.90 HashProfit Each unit of 1KH/s yields about 0.00000693 BTC / Day Cost / 1 KHs: $0.80 Summary In summary both of these providers i would recommend, the only real difference is the ROI and your faith ...

Hashie.co is a bitcoin cloud mining platform with very standard features. If you've seen other cloud reviews I've done, this one won't wow you with features, but the price-point is pretty amazing and you get 10GH/S for free upon signup. Their current price is $4.90/10 GHS of hashing power, with a minimum of 20GH/S for buying more GH/S. My trial of this service is with the free 10GH/S and 20GH/S of purchased mining speed. The miners have capabilities to be renamed or merged (no merging the free hash power). No miner is currently transferable as of yet. They also include the option to "auto-buy" so the proceeds go to buying more hashing power based on a percentage you set. The dashboard pictured above, has little readouts for each miner on their current and past mining speeds. Handy, although there are statistics I would like to see implemented. For instance, seeing an estimated payout/hr or /day. Perhaps a total payout for each miner so you know how m...

HASHNEST is a cloud mining service in the same realms of ZenMiner Cloud. It encompasses some capabilities of both CEX.io and ZenMiner, where ZenMiner has good ROI's and CEX.io allows you to basically resell the cloud hashing power that you previously purchased. When you aquire hashing power, you of course need to pay a maintenance fee, but HASHNEST does a nice thing where it equates what percentage of your earnings are actually put into the fees. For instance, per GH,  37.42% of your profit goes into maintenance fees (electricity, internet, and repairs). Purchase page for mining farm hash rate HASHNEST doesn't allow the resale of this hashing power but if you purchase hasing power from "mining rigs", you can resell it if you no longer feel that the miner is being profitable enough for you. They also support scrypt mining hardware, that mine, and can be purchased with litecoin. Both SHA-256 and Scrypt algorithm hardwares have varying mainten...

Its Here At Last! thats right, the folks over at GAW have finally come out with the semi-mysterious Project Prime . I've been looking forward to this for quite some time so here's the down low on what Project Prime really is. Hashlet A huge part of this announcement is the hashlet, which is basically cloud mining on acid. A hashlet is, upgradeable, high ROI, and diminishing running costs. They also plan on implementing a way of Turing your old ZenMiner cloud hardware into hashlets making them more power efficient in turn increases the rate in which you get your ROI. Read more ZenMiner Cloud ZenPoints Another great upgrade for GAW is the use and accumulation of ZenPoints. They help you get an interest rate on top of your payouts while you stockpile them and now you get to pay with them! You will be able to pay those pesky maintenance and hosting fees with your ZenPoints so your payouts don't feel the pinch! Read more Read the details yourself! T...

As you may know, I'm a pretty big fan of ZenMiner Cloud. It's a great service and now that it's been acquired by GAWMiners, it's become just a little more "GAWsome" as they say. Great Update Features ZenMiner Cloud is one of the very few services that releases new features or updates that I'm actually excited about. They go out of they're way to make a more compelling cloud mining platform. Companies like CEX.IO just get complaisant because they'll make money no matter what, in my opinion this is no way to increase your companies revenue or keep your existing user base engaged and coming back for more. ZenMiner Cloud's last update: v1.3.0 New Features Introduction of ZenPoints Introduction of ZenMarket Ability to purchase items with ZenPoints and/or BTCAutomatic (one-click) purchases Balance now shows ZenPoint Activity Ability to invite up to 3 users Bug Fixes Improved Two Factor Authentication Enabled customer BT...

To start... What is ZenMiner To give a rundown of what ZenMiner cloud hosting is, it's basically a service that will host your mining rig for a cost per day. There are promotional deals at stores like  GAWMiners  where I got a 27MH/S scrypt machine with a free month of hosting by ZenMiner. Once I don't want them to host my machine anymore, i notify them and then they send it out to me with free shipping. Payouts Payouts are daily and are obviously based on your hashing speed as well as the pool you choose. Pools As a scrypt miner you have the option of choosing between COINKING, CleverMining, Multipool.us, NiceHash, and WafflePool. Now obviously these are multipools because the payouts are in Bitcoins but each one varies in payouts. If you see the "Miners" image above you can see it estimates what your miner will output per 24hours on the pool you selected based on previous payouts on similar miners. You can select these pools on the fly instantly, so ...

A follow up to a previous blog about PB Mining from last week. I recieved my first payout from my 100GH/s contract last night and it came up to 0.01557916 BTC. Technically it ran for about 3 days (give or take a couple hours). So let's do a little estimation, if that was my payout after 3 days; let's say my average weekly payout at this difficulty is approximately 0.0363513733331 BTC. Any calculation with bitcoin mining is subject to a lot of variation because of "pool luck", but this is just an estimate.   Last week I speculated the yield of a 100GH/s contract with a profitability calculator to be 0.0336 BTC per payout (once a week). It could be that my pool luck was just high during this period of mining, or the rate that i'm receiving is a little but higher than the GH/s contract that I've purchased. So far the PB Mining contract has been an interesting side project. More updates to come on the progress and payouts of the contract as mining difficult...

I've recently purchased a cloud mining contract with PB Mining, the cloud mining service. They market their service as (currently) 0.0044 BTC per GH/s which comparative to other similar services, is quite inexpensive. The current going rate for a GH/s on CEX.io is somewhere around 0.0072 BTC per GH/s. Now, the prices on CEX.io do fluctuate constantly so you can profit off of them differently in that regard. However, the GH/s on CEX.io have a maintenance cost unlike PB Mining. PB Mining contracts are for 5 years at whatever hash rate you select. Payouts are automatic each week, which obviously is a bit of a disadvantage for some miners, but as long as you're fine with getting your payouts in chunks every 7 days, there shouldn't be much of a problem. I purchased a contract from them at a flat rate of 100GH/s (for 5 years), each week the payout should be approximately be 0.0336 BTC (depending on pool luck of course), and with no overhead from needing space...